Exhibit 4.8 EXECUTION VERSION November 14, 2006 WILMINGTON TRUST COMPANY in its capacity as Subordination Agent on behalf of the Trustee under the Pass Through Trust Agreement (Spare Parts) Rodney Square North 1100 North Market Street Wilmington, Delaware 19890-0001 Attention: Corporate Trust Administration Ladies and Gentlemen: In consideration of that certain ISDA Master Agreement dated as of November 14, 2006 between Morgan Stanley Capital Services Inc., a Delaware corporation (hereinafter "MSCS"), and Wilmington Trust Company, a Delaware banking corporation, in its capacity as Subordination Agent on behalf of the Trustee under the JetBlue Airways (Spare Parts) G-1 Pass Through Trust (hereinafter "Counterparty") (such ISDA Master Agreement, together with the Schedule thereto and the Confirmation exchanged between the parties pursuant thereto, hereinafter the "Agreement"), Morgan Stanley, a Delaware corporation (hereinafter "MS"), hereby irrevocably and unconditionally guarantees to Counterparty, with effect from the date of the Agreement, the due and punctual payment of all amounts payable by MSCS under the Agreement when the same shall become due and payable, whether on Scheduled Payment Dates, upon demand, upon declaration of termination or otherwise, in accordance with the terms of the Agreement and giving effect to any applicable grace period under the Agreement. Upon failure of MSCS punctu